External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<p>HPCL's reported EBITDA missed our estimates significantly led by lower marketing gross margin (at INR3/lit, 46% est. miss), while GRM was in line at USD6.4/bbl. Refining throughput stood at 4.2mmt (+6% YoY, +68% QoQ). The company completed the expansion of its Mumbai refinery and is running at its optimal capacity as highlighted in the earnings concall. SG GRM has further improved to USD5.9/bbl in Jan'22 YTD, and the ramp up at Mumbai refinery should see near-term margin expansion. The Vizag refinery is running at &gt;100% capacity utilization.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HPCL's reported EBITDA missed our estimates significantly led by lower marketing gross margin (at INR3/lit, 46% est. miss), while GRM was in line at USD6.4/bbl. Refining throughput stood at 4.2mmt (+6% YoY, +68% QoQ). The company completed the expansion of its Mumbai refinery and is running at its optimal capacity as highlighted in the earnings concall. SG GRM has further improved to USD5.9/bbl in Jan'22 YTD, and the ramp up at Mumbai refinery should see near-term margin expansion. The Vizag refinery is running at &gt;100% capacity utilization.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Petroleum

Project execution risk still not at bay